October 27, 2019 / 3:28 PM / 4 months ago

UPDATE 1-Abu Dhabi Commercial Bank Q3 profit falls 13%, to exit Kuwait, Qatar

(Adds details of plans to exit Kuwait & Qatar operations)

ABU DHABI, Oct 27 (Reuters) - Abu Dhabi Commercial Bank on Sunday reported a 13% drop in third quarter profit thanks to lower interest income, and said it would quit foreign operations to focus on its home market.

The bank said it was on track to exit its operations in India after selling most of its banking portfolio there to DCB Bank and had also begun to withdraw from Qatar and Kuwait.

ADCB reported a net profit of 1.41 billion dirhams ($383.93 million) in the three months ending Sept. 30, down from 1.62 billion dirhams during the same period last year, it said in a statement.

EFG Hermes had forecast ADCB would make a third quarter profit of 1.38 billion dirhams, while SICO Bahrain forecast it at 1.41 billion dirhams.

Net interest and Islamic finance income fell to 2.52 billion dirhams in the third quarter, down 9% on the year, ADCB said.

These were the second combined results after ADCB merged with two smaller banks – Union National Bank and Al Hilal Bank.

$1 = 3.6725 UAE dirham Reporting By Stanley Carvalho; Editing by Alison Williams and Deepa Babington

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